Kronos Group Review: This is a forex broker with United States background according to the website. Is Kronosinvest a trusted broker or a scam?
The broker claims to have been around since 2003 and the address found on the page is:
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286 Sunset Drive, Richboro, PA 18954, United States.
Stated on the website is that Kronosinvest is owned by Alex Prohorov. There is not much information about the trading conditions and assets offered by this broker online.
Kronosinvest Trading Platform
The trading platform offered by Kronosinvest according to the page is the MetaTrader4.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
A leverage of 1:500 is offered to clients by KronosGroup. This is an encouraging offer as many traders prefer high leverages. Spreads of the broker on EURUSD pairs is fixed at 2 pips, which is higher than the industry average of 1.5 pips.
Deposit and Withdrawal Methods on Kronosinvest
Deposit and withdrawal methods are not mentioned on the page.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is not so for Kronos Invest and this is not a good sign.
Minimum deposit differs from as there are four accounts offered by this broker. They range from $250 to $50,000. Also, a charge of 10% is charged on accounts that stay inactive for 3 months. Withdrawal charges are not clear.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Kronosinvest Licensed?
No. It does not mention a parent company as well and many information expected of a legit broker is missing. Several traders have learned over time to avoid unlicensed brokers.
This kind of brokerages are not under the jurisdiction of any legit commission. They are therefore under no mandate to play fair.
Kronosinvest also asks clients to install the Anydesk app. This app allows access to your computer from another one. However, it only works when a person grants it permission as it is a legal application.
To reach a customer care agent, clients are to send an email to email@example.com
Only the trading platform and the leverage offered seems to be good on Kronosinvest. The lack of many important information is a red flag. No license is a disadvantage and the Anydesk app requirement is fishy. Traders are careful not to trust this kind of shady broker.
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